What you need to know as UAE markets open on March 8

Here are some things you need to know as markets open today in the United Arab Emirates.

1) UAE-based investor group Adeptio AD Investments has completed the procedures for acquisition of a 26.63 percent stake in Kuwait Food Co. (Americana), the Kuwaiti firm said in a statement to the home bourse.

2) Central Bank of Bahrain has rejected GFH Financial's request for increasing the cash dividend to 12 percent. The request was put forward on GFH shareholders' recommendation. The Dubai-listed company will now pay 10 percent ($0.0265) per share, registered as of March 1.

3) Arabtec Holding has scheduled its annual general assembly on April 18. The agenda includes updating the shareholders on the Dubai-listed contractor's recapitalization program.

4) Shareholders of Dubai-listed National Central Cooling Company (Tabreed) have approved a dividend of 6.5 fils per share for the 2016 financial year – up 8 percent from 2015 dividend.

5) Dubai National Insurance & Reinsurance shareholders have approved cash dividend of 25 percent. Shareholders listed by the end of March 19 will be eligible.

6) Abu Dhabi's sovereign fund Mubadala and the Russia-China Investment Fund are mulling joint acquisition of a 13-15 percent stake in Russia’s Eurasia Drilling Co., Reuters reported, citing unnamed sources.

7) Oil prices edged lower on Wednesday on concerns over rising US supply. Brent crude was last down 0.5 percent at $55.63/bbl and WTI crude fell 0.6 percent to $52.8/bbl.

8) Asian stocks were mixed towards closing hours. Japan's Nikkei 225 Index was last down 0.5 percent, while China's CSI 300 Index rose 0.1 percent and Hong Kong’s Hang Seng Index gained 0.5 percent. 

Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com